Singapore is the best choice for setting up your new business as it is the most competitive city of Asia for investment sector. Being situated at the intersection route of international trade, it has the best environment to work and live. Another point is that it is the place where experienced and skilled workforce from all over the world gathers due because of its immigration laws which are least restrictive.
Singapore is a transportation hub which hosts 200 shipping lines that link to 600 ports and the Changi International Airport connect it to 57 countries of the world through 4000 flights per week. So, travelling to Singapore is easy. The tourist visas are also easily obtained due to fewer regulations.
However, if you are planning to setup your business in Singapore, then you will be happy to know that Singapore incorporation services are provided by number of organizations to guide you through the whole process. Starting from the registration process they will guide you all the steps that are required to set up a company including the legal requirements.
You have two main options for setting up an incorporated company in the Singapore which are:
- Setting a Private Company
- Setting a Public Company
In the private companies, the shareholders cannot be more than fifty whereas in the public sector it can be. The next point that differentiates these both is the regulations related to the transfer of shares.
Registration process: Moreover the first step to setup a company is registration which is done under the ACRA (Accounting & Corporate Regulatory Authority). There are some requirements to get your incorporated company registered in Singapore:
- A shareholder who can be an individual or a corporate entity. It is not compulsory for the shareholder to reside in Singapore. He can operate from his home country.
- Share capital which must be paid up initially having amount of at least S$1.
- A physical address in Singapore where company’s office will be established.
- A company secretary and a resident director.
There are some rules if an individual of other country is willing to act as director of his own company. He has to relocate in Singapore for which he needs to submit an application under the EntrePass scheme at Ministry of Manpower (MOM). He can incorporate his company on getting the approval for this application.
Once done with the registration, the next step is to select a name for your company and get it approved. You have to follow some guidelines that are laid down in the Companies Act, while selecting the name of your company. Then after that the documents are prepared and filed which is further followed by some other steps like selecting representatives, taxation schemes and more.
If you are new to Singapore than it will be better to hire an organization that takes pride in providing Singapore incorporation services and will aid you to throughout the process. It will not only facilitate you for setting up your company but will also give you the further guidelines to run your business smoothly.